Environmental, social, and governance-focused investment was all the rage a couple of years ago. The impulse to signal an environmentally or socially responsible reputation was so strong that ESG investment funds saw massive influxes of fresh assets. Now, ESG funds are shutting down or dropping the “sustainable” part from their names. Their performance is leaving a lot to be desired, and investors are fleeing. It is a moment of truth for the nascent market niche, and the truth hurts. Reuters reported this week that funds classified…
